The state of local retail 2020: Iowa.
We analyzed transactions for every day of the 2019 calendar year at over 40,000 local retail businessses across the United States, including Iowa. The result is a comprehensive look at when local retail businesses make the most money, when they process the most transactions, and when customers tend to spend a little extra when they're out shopping.
The impact of COVID-19 on Iowa retail businesses.
2020 has been a challenge for local businesses across the U.S., and there's no question that local retailers across the state of Iowa have faced unprecidented challenges all year.
So before we take a look back at 2019, it's important to keep in mind the impact that COVID-19 has had on local retailers across the state. According to our data, the average Iowa retail business saw total consumer spending from April through October, 2020 drop 17% compared to the same timeframe in 2019. Additionally, 16% of retailers in the state of Iowa that were transacting before the pandemic hit are closed as of the last week of October.
Our research has shown that some types of retail businesses have fared quite well during the pandemic (sporting goods stores, home improvement stores, etc.), while others (clothing stores, book stores, etc.) have struggled. Whether a local retail business has struggled or thrived through 2020, this report gives insight on which days and months will be extra important for retailers in this unpredictable year.
What we learned about local retail sales in Iowa.
Iowa is the 27th-ranked state for average retail revenue in the United States, pulling in 7% less in daily revenue than the national average on a given day.
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How much do retail shops in Iowa make on an average day?
On a given day, retail shops in Iowa brought in $906 in revenue. On a typical day, the average retail business also processed about 12 transactions while seeing customers spend an average of $74.61 per ticket.
|Sales revenue||Transactions||Ticket size|
|National Rank: 27||National Rank: 27||National Rank: 31|
What days of the week are retail shops in Iowa busiest?
Fridays and Saturdays are busy at retail shops across the country, and things were no different for Iowa retail businesses.
Fridays were particularly big, as 19% of all retail revenue in Iowa came in on that day alone. On average, only 35% of retailers keep their doors open on Sundays in Iowa, making it easily the slowest day of the week overall.
Among the businesses who did keep their doors open, Saturday was the busiest day of the week in terms of foot traffic, with Iowa retail businesses processing an average of 15 transactions per day.
Iowans spend more per transaction on weekdays, with Tuesdays claiming the largest average ticket size of the week at $77.52 per ticket. Still, average ticket price remains fairly consistent throughout the week except for Sundays, when they spent an average of $11.28 less than on Tuesdays.
What time of year do retail shops in Iowa make the most money?
Iowans clearly love to shop regardless of the season, but what does the average year look like from week to week at retail shops in Iowa? Let's take a look.
The back to school shopping season was massive for retail businesses in the Hawkeye State. August was the biggest month of the year overall, and 3 of the top 10 weeks of the year fall during late August and early September.
While August may have been the biggest month of the year overall, Mother's Day was responsible for the single-biggest week of the year for Michigan restaurants: May 6th through the 12th.
Top 5 days for Iowa retail businesses.
The holidays was responsible for the biggest day of the year, and a total of three of the top five days of the year overall. Mother's Day was also big for retail businesses in Michigan, accounting for two top days as well.
Iowa retail shops on prominent days.
Retail shops look to events and holidays to generate big sales for their business. Here’s how prominent days rank compared to the average day.
|Day rank based on total sales||How much did restaurants that were open make?|
|Day||Day Rank||Total rev vs avg||% of restaurants open||Avg rev||Rev vs avg||Avg txns||Txns vs avg||Avg ticket||Ticket vs avg|
|New Year's Day||362||-76%||19%||$931||3%||12||-5%||$80.89||8%|
|Super Bowl Sunday||304||-30%||34%||$1,468||62%||15||24%||$97.61||31%|
|St. Patrick's Day||330||-55%||34%||$945||4%||14||16%||$66.94||-10%|
|Cinco de Mayo||314||-46%||37%||$1,040||15%||14||12%||$76.54||3%|
|Mother's Day Weekend||2||96%||99%||$1,413||56%||19||60%||$72.86||-2%|
|Mother's Day Weekend||4||77%||83%||$1,527||68%||21||73%||$72.72||-3%|
|Memorial Day Weekend||15||47%||98%||$1,068||18%||14||19%||$74.07||-1%|
|Memorial Day Weekend||28||41%||82%||$1,216||34%||16||29%||$77.69||4%|
|Father's Day Weekend||12||49%||100%||$1,061||17%||15||22%||$71.67||-4%|
|Father's Day Weekend||53||31%||84%||$1,113||23%||15||24%||$74.20||-1%|
|16th of July||359||-69%||28%||$784||-14%||10||-14%||$75.01||1%|
|Labor Day Weekend||13||48%||97%||$1,081||19%||14||19%||$75.05||1%|
|Labor Day Weekend||37||37%||79%||$1,229||36%||16||34%||$75.29||1%|
|New Year's Eve||290||-21%||76%||$738||-19%||11||-6%||$64.55||-14%|
Womply analyzed daily revenue for over 40,000 retail shops in all 50 states, including Iowa, as well as the District of Columbia for all 365 days of the 2019 calendar year. Retail businesses were only included in the analysis if they qualified as small businesses, Womply had a full year of transaction history, and the business recorded multiple transactions per day, on average.